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Fair Value (Tables)

12 Months Ended

Dec. 31, 2015

Fair Value Disclosures [Abstract]

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The following table displays the carrying values and fair values of our debt instruments as of December 31, 2015 and 2014 (in thousands):

	December 31, 2015								December 31, 2014
	Carrying Value				Fair Value				Carrying Value				Fair Value (1)
2014-SFR1 securitization	$	473,755			$	472,258			$	478,565			$	478,565
2014-SFR2 securitization	507,305				476,952				512,435				512,435
2014-SFR3 securitization	523,109				489,448				528,390				528,390
2015-SFR1 securitization	549,121				496,673				—				—
2015-SFR2 securitization	476,920				433,633				—				—
Total asset-backed securitizations	2,530,210				2,368,964				1,519,390				1,519,390
Secured note payable	50,752				48,631				51,644				51,644
Credit facility	—				—				207,000				207,000
Total debt	$	2,580,962			$	2,417,595			$	1,778,034			$	1,778,034

(1) As of December 31, 2014, our debt instruments had been recently entered into and, therefore, management believes that their carrying values reasonably approximated their fair values, which were estimated by discounting future cash flows at market rates.

Fair Value of Financial Instruments

The following tables set forth the fair value of our interest rate cap agreement, the contingently convertible Series E units liability and preferred shares derivative liability as of December 31, 2015 and 2014 (in thousands):

		December 31, 2015
Description		Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total
Assets:
Interest rate cap agreement		$	—			$	—			$	—			$	—
Liabilities:
Contingently convertible Series E units liability		$	—			$	—			$	69,957			$	69,957
Preferred shares derivative liability		$	—			$	—			$	62,790			$	62,790

		December 31, 2014
Description		Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total
Assets:
Interest rate cap agreement		$	—			$	14			$	—			$	14
Liabilities:
Contingently convertible Series E units liability		$	—			$	—			$	72,057			$	72,057
Preferred shares derivative liability		$	—			$	—			$	57,960			$	57,960

Changes in Fair Value of Level 3 Financial Instruments

The following table presents changes in the fair values of our Level 3 financial instruments, consisting of our contingently convertible Series E units liability and preferred shares derivative liability, which are measured on a recurring basis with changes in fair value recognized in remeasurement of Series E convertible units and remeasurement of preferred shares, respectively, in the consolidated statements of operations, for the years ended December 31, 2015 and 2014 (in thousands):

Description		January 1, 2015				Issuances				Remeasurement included in earnings				December 31, 2015
Liabilities:
Contingently convertible Series E units liability		$	72,057			$	—			$	(2,100	)		$	69,957
Preferred shares derivative liability		$	57,960			$	—			$	4,830			$	62,790

Description		January 1, 2014				Issuances				Remeasurement included in earnings				December 31, 2014
Liabilities:
Contingently convertible Series E units liability		$	66,938			$	—			$	5,119			$	72,057
Preferred shares derivative liability		$	28,150			$	23,652			$	6,158			$	57,960

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Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a),(b)
-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258

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- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19279-110258

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258

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Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements.

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No definition available.

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